So, the Kinesis platform was launced 2 weeks ago.
To be honest, I expected a bigger ICO, and a couple of eyes catching announcements...
Sure, until now 62kg of gold and 10 tons of silver
have been minted, which means $3.1 millions of gold currency and $6.5 millions of silver currency have been created, which means, Kinesis market cap ($9.5 millions) is already, and by far, the highest one among all
gold-backed Stablecoin systems (the second biggest one, as far as I know, is
Digix with ca. 4$ millions),
sure, I’m not aware of any crypto project having raised over $200 millions as start up capital,
but still, it’s less than what I had expected...
The main reason for Kinesis ICO not being as high as expected, seems to be that institutional investors, due to some insurance related issues, haven’t started to mint coins yet.
As to now, k-currencies can be sent and exchanged for fiat or other cryptos on the
Kinesis Blockchain Exchange, but they cannot be spent, as the Kinesis Debit Card is not ready yet.
Kinesis says, the Card will be ready in Q4.
As far as I understand it, the Kinesis Monetary System is designed in such a way that spending K-currencies will be the center of it.
Sure, K-currencies will be sent and traded, but the main volume should come from using k-currencies in order to buy goods or services (which, after all, should be the main function of a crypto-
currency, as long as currency means
money).
There is another point to note: Kinesis offers a yield to all who participate into it.
This yield comes from the fees collected through transactions.
The higher the volume, the higher the yield.
I guess, until the Debit Card doesn’t come in, said yield will be minimal, and with that the interest of potential users.
Once K-currencies start being used in
Indonesia, the volume should increase exponentially.